xilinmen(SH:603008) Xinda Securities·2025-05-01 02:23Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for growth and profitability recovery in 2025 [1]. Core Views - The company, as a leader in the mattress industry, is currently facing short-term performance pressure due to insufficient demand and intensified industry competition. However, it possesses leading technology and a comprehensive product matrix, with strong online retail performance. The company is expected to return to growth and release profits in 2025, driven by national subsidy policies [1][2]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 8.729 billion yuan, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 322 million yuan, a decrease of 24.8%. In Q1 2025, revenue was 1.730 billion yuan, down 1.8%, with a net profit of 71 million yuan, down 4.0% [1]. - The company's mattress and soft bed products generated revenue of 5.27 billion yuan in 2024, with a year-on-year growth of 5.1%. In Q1 2025, these products achieved revenue of 1.13 billion yuan, a year-on-year increase of 10.0% [2]. Business Segments - The company's self-owned brand retail segment generated 5.33 billion yuan in revenue in 2024, down 4.7%, with online sales growing by 9.9% to 1.98 billion yuan. The engineering business saw a revenue increase of 31.0% to 560 million yuan in 2024 [3]. - The OEM segment reported revenue of 2.55 billion yuan in 2024, up 9.2%, while cross-border e-commerce revenue was 290 million yuan, down 11.6% [3]. Profitability and Margins - The gross margin for 2024 was 33.67%, a decrease of 0.70 percentage points, primarily due to increased competition and changes in product structure. The net profit margin was 3.69%, down 1.25 percentage points [4]. - The company maintained a healthy cash flow, with operating cash flow of 787 million yuan in 2024, despite a decrease of 467 million yuan year-on-year. The dividend payout ratio increased to 84.73% [6]. Future Projections - The company is projected to achieve net profits of 420 million yuan, 450 million yuan, and 490 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 14.3X, 13.2X, and 12.3X [6].